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<ul><li><keyword id="15532259" type="General" weightage="20" keywordseo="Cello-World" source="Orion">Cello World</keyword> is a Mumbai-based family owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more.</li><li>The family-owned business has a presence across 30,000 retail outlets through more than 300 distributors.</li><li>ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion.</li></ul><keyword id="521692" type="General" weightage="20" keywordseo="ICICI-Venture-Funds" source="Orion">ICICI Venture Funds</keyword> Management, an alternative asset arm of ICICI Bank, has announced an investment of ₹360 crore in Cello World, a branded consumer houseware company. Cello World is a Mumbai-based, family-owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more. The company was founded in 1967 but this is the time it has divested stake to a PE firm. “We are excited to welcome ICICI Venture Funds as our first investor in Cello World. We are confident of company maintaining its growth and profitability trajectory while providing the consumer with quality products. We look forward to benefitting from the vast managerial expertise of ICICI Venture as we expand our presence across products and geographies,” said Pradeep Rathod, chairman and MD at Cello World. The business has a presence across 30,000 retail outlets via 300 distributors with focus on steel and plastic bottles, thermoware, along with glassware/opalware. The company says that the houseware industry has witnessed secular growth along with a shift from being an unorganised to organised industry. Cello believes that it has been at the forefront of new product introduction with presence across materials i.e., plastics, steel, glass, opal, melamine, copper etc. “Cello World under the leadership of Rathod Family, its capable management team and its pan -India distribution network has demonstrated industry leading growth and profitability characteristics. The organised section of the industry will see further acceleration in the coming years with branding and premiumisation gaining ground,” said Gagandeep Singh, senior director, private equity, ICICI Venture. ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion. The company has a presence across four verticals i.e., private equity, real estate, infrastructure and special situations. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/elon-musks-weight-loss-mantra-is-not-new-but-heres-how-to-do-it-right/articleshow/95550740.cms">Elon Musk’s weight loss mantra is not new, but here’s how to do it right</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-flat-amid-mixed-global-cues/articleshow/95548382.cms">Indian markets open flat amid mixed global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medanta-hospitals-operator-global-health-lists-at-18-5-premium-3x-the-premium-quoted-by-grey-market/articleshow/95546750.cms">Medanta Hospitals operator Global Health lists at 18.5% premium, 3x the premium quoted by grey market</a>

ICICI Venture Funds invests ₹360 crore in houseware brand Cello World

<ul><li>EPACK Durable is an outsourced design manufacturer of room air conditioners. </li><li>The company proposes to invest over $40 million in brownfield and greenfield expansion. </li><li>It aims to increase its capacity to 3.6 million RAC units by next year. </li></ul> EPACK Durable (<keyword id="10634556" type="General" weightage="80" keywordseo="edpl" source="Orion">EDPL</keyword>) today said that it raised $40 million — in a second round of funding led by <keyword id="7466974" type="General" weightage="100" keywordseo="affirma-capital" source="Orion">Affirma Capital</keyword>. Last year, the company raised $24 million from <keyword id="4829256" type="General" weightage="50" keywordseo="icici-ventures" source="Orion">ICICI Ventures</keyword> in its first round of investment. EDPL is an outsourced design manufacturer for room air conditioners or RACs in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’. It manufactures window ACs, split ACs and other small home appliances or SHAs. The company has an installed capacity to produce over 2.4 million RACs and 2 million SHAs per annum. The infusion of fresh equity capital will help EDPL drive capacity expansion; and will also help focus on backward integration for multiple components. “We are very glad to partner with Affirma Capital, which brings onboard significant capabilities to help us build a much stronger business,” Ajay Singhania, MD &amp; CEO of EDPL, said. The RAC penetration in India is among the lowest in the world at 7-8% of households, <keyword id="14995597" type="General" weightage="50" keywordseo="b-l-bothra" source="Orion">B L Bothra</keyword>, chairman of EDPL revealed. “Over the last two decades, EDPL has been building manufacturing capabilities to manufacture room air conditioners and small home appliances. We have built strong business relationships with all key brands,” Bothra said. EPDL is setting up a greenfield manufacturing facility in Sri City, Andhra Pradesh, which is expected to be commissioned next year. “India has been a core investment destination for us for over 20 years where we have backed leading mid-market enterprises to become national and regional champions. As penetration levels of air conditioners and small home appliances increase, and the industry gets more organized,” <keyword id="2408169" type="General" weightage="50" keywordseo="udai-dhawan" source="Orion">Udai Dhawan</keyword>, founding partner, and India head of Affirma Capital said. The company has also announced its plan for brownfield expansion of its facility at Bhiwadi, <keyword id="6355588" type="General" weightage="50" keywordseo="rajasthan" source="Orion">Rajasthan</keyword>, which will be commissioned by the end of the current financial year. It targets to increase RAC capacity to 3.6 million units per annum by next year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-energy-transition-spike-in-solar-decline-in-coal/articleshow/94227566.cms">India's energy transition: Spike in solar, decline in coal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/the-most-accident-prone-areas-of-delhi-mumbai-bengaluru-hyderabad-chennai-and-kolkata/articleshow/94222955.cms">Delhi has the most accidents, Bangalore the least – Read more about the accident-prone areas in India’s major metros</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bangalore-shows-the-maximum-intent-to-hire-among-indian-cities-teamlease-survey/articleshow/94220503.cms">Bangalore shows the maximum intent to hire among Indian cities – TeamLease survey</a>

EPACK Durable raises $40 mn in second round of funding led by Affirma Capital

Bengaluru, Bengaluru-headquartered <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> lending startup <keyword id="6557529" type="UNKNOWN" weightage="20" keywordseo="KreditBee">KreditBee</keyword> on Monday said it has concluded its Series C equity round worth $75 million (about ₹545 crore) from <keyword id="648852" type="LOCATION" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, Mirae Asset Naver Asia Growth Fund, Alpine Capital and <keyword id="9361494" type="COMPANY" weightage="20" keywordseo="Arkam-Ventures">Arkam Ventures</keyword> consisting of both primary and secondary investment. With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population. "With a larger portfolio of loan products, our objective is to provide credit to over 180 million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that," <keyword id="229206" type="DOMAIN" weightage="20" keywordseo="Madhusudan">Madhusudan</keyword> E, Co-Founder &amp; CEO of KreditBee, said in a statement. The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures. Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI). The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed. The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months. The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers. The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/business/startups/news/this-startup-helps-you-watch-shows-shop-online-and-access-the-internet-even-without-a-data-connection/articleshow/80918896.cms">This startup helps you watch shows, shop online and access the internet even without a data connection</a> <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-wants-major-holders-of-cryptocurrency-dogecoin-to-sell-most-of-their-coins/articleshow/80920866.cms">Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’</a>

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

New Delhi, Dec 2 () ICICI Venture Funds Management Company and four other entities settled with Sebi a case of alleged violation of norms pertaining to venture capital funds by paying a total of over Rs 26 crore towards settlement charges.
 Besides, they were also alleged to have violated Prohibition of Fraudulent and Unfair Trade Practices regulations, Sebi noted in five separate orders.
 India Advantage fund III, India Advantage fund IV, Dynamic India Fund III and Dynamic India Fund IV are the other four entities besides ICICI Venture Funds Management which settled the case.
 Sebi noted that ICICI Venture Funds Management was acting as investment manager to India Advantage fund III and India Advantage fund IV. 
 In addition, it was also acting as sponsor to foreign venture capital investors -- Dynamic India Fund III and Dynamic India Fund IV.
 The allegations against them included factual misrepresentation to investors with regard to registration status, inadequate information and lack of clarity in proposals for extension, liquidity and consent of investors, among others.
 Besides, it was also alleged that management of the funds was not in accordance with the terms and conditions specified in the private placement memorandum.
 However, pending proceedings, the entities filed settlement applications with the regulator without admitting or denying the guilt.
 The settlement terms proposed by them were considered by the regulator's High Powered Advisory Committee (HPAC). The committee recommended the cases for settlement on payment of Rs 5,21,92,635 each.
 The recommendation of HPAC was also accepted by the panel of whole time members of Sebi.
 Accordingly, the three entities paid their respective settlement amounts, following which the Securities and Exchange Board of India (Sebi) settled the proposed adjudication proceedings.
 Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by them is found to be untrue. SRS 
RVK

ICICI Venture Funds Management, 4 others pay over Rs 26 cr to settle case with Sebi

New Delhi, <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> services company <keyword id="7349800" type="PERSON" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Monday announced that it has raised ₹139 crore (nearly $20 million) in debt from <keyword id="4844054" type="COMPANY" weightage="20" keywordseo="Alteria-Capital">Alteria Capital</keyword> and <keyword id="6653" type="DOMAIN" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>. The company raised ₹90 crore in debt from Alteria Capital and ₹49 crore from ICICI Bank. The company has raised a total of ₹199 crore in debt to date. "We have committed ourselves to have $700 miilion of <keyword id="6362287" type="UNKNOWN" weightage="20" keywordseo="loans">loans</keyword> to small merchants and kirana store owners by March 2023 and are hoping to on-board more institutional debt partners in the near future," said Ashneer Grover, <keyword id="170488" type="COMPANY" weightage="20" keywordseo="co-founder">Co-Founder</keyword> and CEO, BharatPe. "We aim to become a digital bank that is the one-stop destination for merchants for all kinds of financial services and this tranche of funds will get things rolling". The company is disbursing loans of ₹200 crore per month to merchant partners currently and has set a target of disbursing ₹1,000 crore of loans in the FY21. "We have already disbursed loans to more to 1 lakh merchants and aim to scale this up by 8-10 times and enable credit for a million (10 lakh) kirana store owners in 2021," said Suhail Sameer, Group President, BharatPe. Last week, BharatPe announced that it has raised ₹60 crores in debt from Innoven Capital, Asia's leading venture debt and specialty lending firm. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-rakesh-jhunjhunwala-backed-nazara-technologies-is-preparing-for-its-big-ipo-debut/articleshow/80321946.cms">The startup behind Chhota Bheem, Motu Patlu and Shikari Shambhu is back with an IPO plan ⁠⁠— after a series of acquisitions and fundraisings</a> <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms?upcache=2">The ₹4,600 crore IPO from IRFC is ‘attractive,’ and the best thing about the borrowing arm for Indian Railways is the assured margin</a>

BharatPe gets $20 million in debt funding from Alteria Capital and ICICI Bank — aims to raise a total of $700 million in the next two years

Fintech player <keyword id="15835888" type="General" weightage="50" keywordseo="zaggle-prepaid-ocean-services-ltd" source="Orion">Zaggle Prepaid Ocean Services Ltd</keyword> has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. The <keyword id="6354763" type="General" weightage="100" keywordseo="ipo" source="Orion">IPO</keyword> (initial public offering) comprises a fresh issue of equity shares worth Rs 490 crore and an offer for sale (<keyword id="883402" type="General" weightage="50" keywordseo="ofs" source="Orion">OFS</keyword>) component of 1.05 crore stocks by promoters, investors and other shareholders, according to the draft red herring prospectus (DRHP). Those offering shares in the OFS include promoters -- Raj P Narayanam and Avinash Ramesh Godkhindi and investors -- VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and <keyword id="15835889" type="General" weightage="50" keywordseo="ventureast-trustee-company" source="Orion">Ventureast Trustee Company</keyword>. Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and general corporate purposes. Founded in 2011, the company operates in the business-to-business-to-customer segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS). It offers digitized solutions for employee tax benefits, expense management, corporate gifting and rewards and recognition programmes. The company has 1,896 customers and 19.82 lakh users as of June-end. ICICI Securities, Equirus Capital, IIFL Securities and JM Financial have been appointed as merchant bankers to manage the IPO. The equity shares of the company will be listed on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> and NSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dabur-just-dial-hindustan-zinc-among-stocks-to-watch-out-for/articleshow/96359393.cms">Sensex, Nifty50 open lower amid mixed market cues – Dabur, Just Dial, Hindustan Zinc among stocks to watch out for</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/abans-holdings-ipo-here-is-how-to-check-the-allotment-status/articleshow/96360387.cms">Abans Holdings IPO: Here is how to check the allotment status</a>

Fintech player Zaggle files IPO papers with Sebi to mobilise funds via IPO

<ul><li><keyword id="501707" type="ORGANIZATION" weightage="20" keywordseo="PV-Sindhu">PV Sindhu</keyword> and <keyword id="753181" type="COMPANY" weightage="20" keywordseo="Baseline-Ventures">Baseline Ventures</keyword>, the agency that handles her, is taking over 20 brands to court for using her name and image on their marketing communications without permission.</li><li>We spoke to Yashwanth Biyyala, Director - Talent and Partnerships, Baseline Ventures who told us how most of these brands have not just flouted rules around the use of an individual's image with her permission, they have also blatantly flouted the Olympics guidelines around advertising. </li></ul>PV Sindhu made the nation proud last week by bringing home a Bronze medal from <keyword id="395647" type="SPORT" weightage="20" keywordseo="Tokyo-Olympics">Tokyo Olympics</keyword>, becoming the first Indian woman to win two Olympic medals. With her win came congratulatory messages on social media, from the government, individuals and even brands who wanted to jump onto the trend, making the most out of the moment. However, Sindhu and Baseline Ventures, the agency that handles the player, is taking over 20 brands to court, for using her name and image without the proper permissions. Baseline Ventures is seeking damages worth Rs 5 crore from each of the brands that have flouted the norms. Officially, the International Olympic Committee (IOC) has laid down clear rules about how athletes can communicate with brands during and after the games. The Rule 40 framework, according to the official Olympic website is aimed to enable ‘the Olympic Movement to fund all Olympic teams worldwide, Olympic sports and the Olympic Games themselves.’ The rulebook has clear guidelines about how players can engage with their Non-Olympic Partner personal sponsors. There is also a blackout period that the athletes are supposed to sign before the games. Apart from brands that are IOC)and Indian Olympic Association (IOA) partners, no other brands are allowed to push out communications with players. “Rule 40 clearly mentions that there is a blackout period between July 13 (when the Olympic Village opens) and August 10 (two days after the Closing Ceremony). All athletes have had to give their consent to Rule 40 which clearly states that their brands cannot promote them during this blackout period. In fact, even brands that are paying money to Sindhu are not using her in their marketing during this period. They have not even put out a congratulatory message,” explained Yashwanth Biyyala, Director - Talent and Partnerships, Baseline Ventures. Officially, only brands that are IOC partners, in this case, Bridgestone and <keyword id="6359421" type="UNKNOWN" weightage="20" keywordseo="visa">Visa</keyword>, are allowed to use the player in their communications during the tournament. Also, brands, like Amul, that have tied up with the IOA, are permitted to use the names of athletes. “Even the athletes themselves cannot put out a branded post during this time period. If brands want to put out content around athletes, they have to take a written consent, and none of them have done it. Close to 15 brands officially work with Sindhu, and since they have not taken IOA’s permission, none of them have sent out a single congratulatory post for her. And then we have brands that are blatantly flouting rules, on an individual athlete level as well as the Olympic rules,” added Biyyala. Having sent legal notices to 15 brands, the agency is in the process of sending notices to 5 more brands. The agency is asking the brands to pay Rs 5 crore and also remove the posts that have flouted the norms from their social media handles. The agency has already sent notices to brands including Happydent (<keyword id="135659" type="PERSON" weightage="20" keywordseo="Perfetti-Van-Melle">Perfetti Van Melle</keyword>), Pan Bahar, Eureka Forbes, ICICI Bank, HDFC Bank, Vodafone Idea, MG Motor, UCO Bank, Punjab National Bank, <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, Kotak Mahindra Bank, Fino Payments Bank, Bank of Maharashtra, Indian Bank and <keyword id="5998660" type="UNKNOWN" weightage="20" keywordseo="Wipro-Lighting">Wipro Lighting</keyword> and is in the process of sending notices to a few more brands.

Baseline Ventures is sending notices to over 20 brands for using PV Sindhu’s image without proper permissions: Yashwanth Biyyala, Baseline Ventures

<ul><li>Aditya Birla Sun Life AMC’s IPO is opening on September 29 and will close on October 1.</li><li>The asset management company is looking to raise ₹2,768 crore through public listing.</li><li>Analysts expect the mutual industry’s AUM to grow by 11-13% in the next five years at ₹57 trillion and Aditya Birla Sun Life AMC to benefit from strong industry prospects given it is among the top five players.</li></ul>The initial public offering (IPO) of Aditya Birla Sun Life AMC is opening today, September 29, and will close on October 1. If you are looking to invest, here is what analysts are expecting from the company. Analysts expect the mutual industry’s assets under management (AUM) to grow by 11-13% in the next five years to ₹57 trillion and Aditya Birla Sun Life AMC to benefit from strong industry prospects given it is among the top five players in the country. “Going forward, the overall industry’s AUM is projected to grow between 11-13% from 2021-2026 and reach ₹57 trillion, largely driven by a pick-up in corporate earnings following stronger economic growth, higher disposable income and investable household surplus, improving technology and expanding internet footprint and better awareness of mutual funds as long-term wealth creators,” said Religare Broking in a report. “Moreover, the fund house stands to benefit from strong industry prospects as it has a diversified product portfolio and also offers customised solutions to meet financial goals,” added the report. The mutual fund company will be the fourth fund house to get listed on exchanges. So far, HDFC AMC, Nippon Life India AMC and UTI AMC are listed. However, analysts believe the IPO pricing is undervalued compared to other listed peers HDFC AMC and Nippon India AMC. Ventura Securities expects a potential upside of 25% in the stock over the next 24 months while it recommends subscribing to the IPO for the long term. Here is the list of brokerages that have recommended subscribing to the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Anand Rathi </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BP Equities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Religare Broking </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ventura </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dalal &amp; Broacha </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Swastika </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investmentz </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> The mutual fund company is looking to raise ₹2,768 crore through sale of 3.88 crore shares. The IPO proceeds will go to promoters since the IPO is an offer for sale by promoters. The fund house is a joint venture between Aditya Birla Capital and Canadian firm Sun Life AMC. Both the promoters will jointly sell a 13.5% stake in the company through the IPO. A report by Nirmal Bang said, “ABSL enjoys a strong parentage, solid brand image, a decent distribution network and consistently high return on equity of over 30%. We thus recommend to “subscribe for the long term.” Aditya Birla Sun Life AMC is the fourth largest mutual fund house in the country with ₹2.75 billion average assets under management after SBI MF, HDFC MF and ICICI Prudential MF as of June quarter. The company manages 135 schemes comprising 35 equity, 93 debt, 2 liquid schemes, 5 exchange traded funds (ETFs), and 6 domestic Funds of Funds as of December 31, 2020. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/swiggy-tightens-focus-on-grocery-delivery-as-zomato-steps-out/articleshow/86582683.cms">Swiggy tightens focus on grocery delivery, as Zomato steps out</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/raymonds-share-rise-as-company-charts-consolidation-plan-of-its-other-businesses/articleshow/86582440.cms">Investors cheer Raymond’s restructuring plan to reduce debt</a>

Aditya Birla Sun Life AMC IPO opens today, analysts bet high on the growing mutual fund industry

A group of 69 non-resident Indian (NRI) investors have sued <keyword id="143240" type="COMPANY" weightage="20" keywordseo="ICICI-Venture">ICICI Venture</keyword>’s Dynamic India Fund III, India’s largest private equity firm, and <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> to the Supreme Court of Mauritius. They have alleged that the money they had invested in the firm did not yield the returns outlined initially. 
 
The investors have also alleged that the two entities had misguided them by not disclosing “pertinent information” about the fund’s performance and the risks. ICICI Bank has dismissed the charges as “baseless and malicious.” 
 
“A plaint with summons was lodged before the Supreme Court of Mauritius by a group of NRI and foreign investors against (DIF III), International Financial Services Ltd (IFS), ICICI Venture Funds Management Company Ltd (ICICI Venture), ICICI Bank and the Western India Trustee And Executor Co Ltd,” said Banymandhup Boolell Chambers, the legal firm handling the case. 
 
"Work on a township project in Chennai, in which the Fund invested, has not even commenced after 9 years due to serious infrastructure problems. Two or three projects are in dire financial liquidity problems. Only one project in Pune has been exited after eight years and that too considerably under- performed from projected growth,” the investors said. 
 
The group of investors has demanded a compensation of $103 million for a $4.7-million investment made in 2005 in Dynamic India Fund-III, which was floated by ICICI Venture and ICICI Bank. 
 
Refuting the allegation, an ICICI Venture spokesperson said: “The allegations levelled by a set of investors, constituting only 12% of the investors in the concerned funds, are totally baseless, not supported by facts and are malicious".

NRI Investors Sue ICICI

<ul><li>One of top mutual fund companies, <keyword id="6471477" type="General" weightage="20" keywordseo="aditya-birla-sun-life-amc" source="Orion">Aditya Birla Sun Life AMC</keyword> will open its IPO on September 29 and end on October 1.</li><li>The issue size of the IPO is ₹2,768 crore on the higher price band ₹695-712 per share.</li><li>Aditya Birla Sun Life AMC is the fourth largest mutual fund house in the country with ₹2.75 billion average assets under management.</li></ul>Aditya Birla Sun Life AMC is all set to open its initial public offering (IPO) next week on September 29 and close on October 1. The <keyword id="1819649" type="General" weightage="20" keywordseo="mutual-fund-company" source="Orion">mutual fund company</keyword> is looking to raise ₹2,768 crore through sale of 3.88 crore shares. The mutual fund company will be the fourth fund house to get listed on exchanges. So far, HDFC AMC, Nippon Life India AMC and UTI AMC are listed. Aditya Birla Sun Life AMC is the fourth largest mutual fund house in the country with ₹2.75 billion average assets under management after SBI MF, HDFC MF and ICICI Prudential MF as of June quarter. The IPO proceeds will go to promoters since the company is a joint venture between Aditya Birla Capital and Canadian firm Sun Life AMC. Both the promoters will jointly sell a 13.5% stake in the company through the IPO. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹695 to ₹712 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 29 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 1 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 6 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 7 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 8 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 11 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The IPO will make a debut by selling 3.88 crore shares to the public. The company manages 135 schemes comprising 35 equity, 93 debt, 2 liquid schemes, 5 exchange traded funds (ETFs), and 6 domestic Funds of Funds as of December 31, 2020. The mutual fund company has been in the top five list of fund houses with highest assets under management and consistent growth in profit. <div type="image" title="aditya birla revenue chart" height="900" width="1200" msid="86475324" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-gets-nearly-half-of-new-shares-as-paytm-doubles-its-esop-pool-ahead-of-ipo/articleshow/86473067.cms">Vijay Shekhar Sharma gets nearly half of new shares as Paytm doubles its ESOP pool ahead of IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/sensex-scales-60000-as-tcs-near-its-all-time-high/articleshow/86471538.cms">Sensex scales 60,000 as TCS near its all-time high, ONGC near a two-year high</a>

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